Wall Street bonus season handbook – What happens to Roblox’s jilted bankers – Walmart launching a fintech
- Date: 12-Jan-2021
- Source: Business Insider
- Sector:Financial Services
- Country:Middle East
Wall Street bonus season handbook – What happens to Roblox’s jilted bankers – Walmart launching a fintech
The store that has everything wants to launch a fintech.
Walmart said on Monday afternoon it was starting a fintech "to develop and offer modern, innovative and affordable financial solutions," according to a release.
Details on the venture are vague, outside of the involvement of well-known fintech investor Ribbit Capital “” which has backed the likes of Affirm, Robinhood, and Coinbase.
Walmart is no stranger to the world of fintech. It already runs a fintech accelerator “” TailFin Labs “” with banking-as-a-service provider Green Dot.
And while it's unclear what Walmart hopes to do with this unnamed fintech, there is no doubt it's already in a fantastic position to succeed. The retail giant has millions of customers and employees to target with whatever it's offering. With customer acquisition costs often a top-of-mind concern for startups, that gives Walmart's project a massive leg up.
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